Mortgage Free in Three Yrs

taka

I haven't a clue what I'll do once mortgage free (will but a fair bit longer than 3 years away tho...) but being mortgage free would give me freedom to do what ever I want IYSWIM. My work/job realistically woun't be around as long term option so I will prob have to find another career path. Basically being mortgage free would mean I have more options (by having lower outgoings) to do something I enjoy rather than have to do to pay the bills.

That said, it may well all change by then as I would love to settle down and have kids at some point... need a bloke 1st tho :rotfl: :rotfl:

bails

Karmacat wrote: »

Hi bails

Welcome to the mfi3. The only thing you need from your dad is to know whether overpayments can be made, how much, without penalty, etc. If they can, then thats the method. If not, the amounts for overpayment go in a special high interest savings account you can set up, ready for when you *can* make overpayments without penalty.

Then you're left with where to get the money! Obviously, the first port of call is getting a job. Then its often a second job. Then its little moneymaking schemes, often on the internet. What I do is on this thread, post 1218, and there are big threads about how to make extra cash at the top of this particular board, and also a couple of threads at the top of the dfw board (debt-free wannabe). Good luck.

Thanks for the welcome Karmacat! I'm pretty sure that overpayments are allowed so I need to find out how much etc. Am I also right in thinking that I could offset my savings against the mortgage and therefore pay less? What happens if I then spend some of them? Is this a better option than keeping them in my ISA? Sorry for all the questions!

We've only just got the mortgage but I'm not sure it's the best deal so will look on the guide here as I have no clue about them really! Also, we put down a deposit of 50k, would there have been a better way than that?

Will have a look at all your MS ideas, thanks. At mo my priority is obviously getting well so my money goes firstly on that (meds, good food etc) and then the thing that is keeping me sane while I am away from the job I love is our (hopeful) plan to travel Asia when I'm well.

I am literally counting and saving every penny I can find - my mum always said look after the pennies etc and it does work! I do cashback clicks etc, will trawl around on MSE more to see if I can find further inspiration.

Superfast_Gran

Our goal is to be able to move to a bungalow as I'm now finding stairs difficult, and as we've already started looking for ideas and what's available, OH now also wants a bit of land too! We'd both like to be able to set up a decent play area for the grandkids - our current garden is the size of a postage stamp - and a house big enough for them all to come stay. Don't know how long we'll keep up the fostering, or indeed how long I'll be able! It's looking a lot more possible these days, even though we've not made much of a dent in the mortgage the last few months. Onward, ever onward!! :beer:

catshark88

Bails,

Welcome aboard. Offset mortgages can be a really good option but you do need to have quite a lot of savings to overcome the higher interest rates they tend to charge. There are lots of threads on MSE which discuss the actual amount so have a read. Other people set up a high interest paying savings account/ ISA and informally pay into that so that they are building up a lump sum to pay off the mortgage when they can (e.g. if they can only overpay a set amount each year etc.).

Everyone's needs are different but the bottom line seems to be really knowing how your mortgage operates so that you can work around your particular circumstances.

Good luck!

Trying_to_be_good

Like so many others, my plan (currently for 8 years, but I'm shortening it as fast as possible) for when the mortgage is repaid is to be able to stop working as flippin' hard as I currently do, either going part-time or changing to something I actually like doing. This idea motivates me on a daily basis!

My OH lost his house in his divorce, so he's not bringing any capital/equity into this and my equity will become even more important.

minimoocow

Hi everyone,

Don't shot me please but . . .

Our plan, for when we are MF is to . . .

Get another mortgage!!!!

Yes I know that's not the idea but the whole point of us doing this challenge is so that we can move to a family house, keep this one and rent it out and still only have the current level of mortgage.

This means we'd be able for me to give up work to have children as I really don't want them to have to go to childminders etc just so we can afford the payments on a house.

It also means that we get to keep this house and the rent will cover any uni fees for them if they want to go in another 20 years (who knows how much they'll be then!). My friends think I'm mad at 26 planning for potential future children (Apparently I should be out drinking and having fun!!!) but it keeps us happy.

As an aside, I know people were asking last week how to persuade their partners to convert to the MSE ways - I told mine we could throw the condoms away when the mortgage was paid off - seems to be working!!! :rotfl: :rotfl: :rotfl:

Sorry if that's TMI but I feel I've know you guys for ages now!!!

MMC

sparklymessygirl

You're a riot!
Go for it! lol!

Sparkly

AnW'sMum

minimoocow wrote: »

As an aside, I know people were asking last week how to persuade their partners to convert to the MSE ways - I told mine we could throw the condoms away when the mortgage was paid off - seems to be working!!! :rotfl: :rotfl: :rotfl:

Sorry if that's TMI but I feel I've know you guys for ages now!!!

MMC

:eek::rotfl::eek::rotfl:

Well it's original!!

~daisy~_2

our plan once we are mortgage free is also to get another one ! - but to finance a holiday home in portugal and we would hope to pay that off as soon as possible also

thats the plan anyway

benbenandme

My plan is to pay mine off by the time ds leaves school ... he starts reception next week so I have quite a while yet, but hopefully I may be able to do it sooner than that. My MFiT aim is to reduce it to £50k as I will be out of my fixed deal by then and will want to take advantage of the best offers around but may struggle as my income has reduced dramatically since I took it out (dp left me / I have moved and got a new job, earning a lot less). I'm concerned that a lot of lenders won't consider me because of my low salary so the lower I can get my mortgage the better my chances I reckon!